Consolidated balance sheet

	Notes	2008 £m	2007 £m
Non-current assets
Intangible assets	12	1,253.2	1,021.3
Property, plant and equipment	13	296.3	260.9
Investments accounted for using the equity method	14	9.1	12.0
Financial assets – other investments		3.6	0.7
Retirement benefit assets	10	174.2	333.7
Deferred tax assets	6	96.2	94.0
Trade and other receivables	16	14.6	14.7
Financial derivatives	22	1.4	0.4
		1,848.6	1,737.7
Current assets
Inventories	15	380.3	319.7
Trade and other receivables	16	565.4	489.8
Cash and cash equivalents	17	132.5	186.2
Financial derivatives	22	6.5	13.5
		1,084.7	1,009.2
Assets of businesses held for sale	18		31.3
Total assets		2,933.3	2,778.2
Non-current liabilities
Financial liabilities:
– borrowings	20	(720.7)	(567.1)
– financial derivatives	22	(0.1)	(2.5)
Provisions for liabilities and charges	23	(200.6)	(143.4)
Retirement benefit obligations	10	(184.7)	(150.1)
Deferred tax liabilities	6	(64.3)	(118.0)
Trade and other payables	19	(27.5)	(22.5)
		(1,197.9)	(1,003.6)
Current liabilities
Financial liabilities:
– borrowings	20	(182.4)	(212.1)
– financial derivatives	22	(21.5)	(2.8)
Provisions for liabilities and charges	23	(70.0)	(90.1)
Trade and other payables	19	(420.7)	(412.6)
Current tax payable		(122.6)	(137.5)
		(817.2)	(855.1)
Liabilities of businesses held for sale	18		(16.2)
Total liabilities		(2,015.1)	(1,874.9)
Net assets		918.2	903.3
Shareholders’ equity
Share capital	26	145.5	144.6
Share premium account	27	303.6	289.0
Capital redemption reserve	27	5.8	5.7
Revaluation reserve	27	1.7	1.7
Merger reserve	27	234.8	234.8
Retained earnings	27	253.7	208.9
Hedge reserve	27	(29.2)	18.6
Total shareholders’ equity		915.9	903.3
Minority interest equity		2.3
Total equity		918.2	903.3

The accounts within the financial statements were approved by the Board of Directors on 23 September 2008 and were signed on its behalf by:

Philip Bowman

Chief Executive

John Langston

Finance Director

Smiths Group divisions:
Smiths Detection, Smiths Medical, John Crane, Smiths Interconnect, Flex-Tek